Renters Want to Become Buyers

Seven in 10 renters believe owning a home is a priority for their future. This is according to the 2011 National Housing Pulse Survey recently released by the National Association of REALTORS®, which said more renters than ever (72 percent) aspire to home ownership, up from 63 percent in 2010.

The survey also found an overwhelming majority (72 percent) of Americans said buying a home is a good financial decision. Almost two-thirds (64 percent) thought that now is a good time to buy a home. Respondents cited stability and safety as the top reason. Long-term economic reasons such as building equity followed closely behind.

Seven in ten though say requiring a down payment of 20 percent on the cost a home would have a negative impact on the overall American housing market. Two in three Americans oppose eliminating the home mortgage interest deduction as part of the plan to reduce the federal deficit. Three quarters of renters say they would be less likely to buy a new home if they were required to make a 20 percent down payment.